Philadelphia’s Fred’s store is among 31 closing in Mississippi and 159 nationwide as the retail faces mounting challenges.

The Memphis-based company announced Thursday that it would close 159 underperforming stores by the end of May with "going out of business" sales starting Thursday as it looks to reduce its store footprint and "evaluate strategic alternatives," USA Today reported.

The retailer said in a statement that it retained investment banking advisory firm PJ Solomon to assess its options "to maximize value" and hired liquidation firms Malfitano Advisors and SB360 Capital Partners "to help manage the process and ensure a seamless experience for customers."



When companies announce they are considering "strategic alternatives," it often involves a potential sale or restructuring.

The closing stores represent nearly 29% of Fred's 557 stores and are located in 13 states, with Mississippi, Alabama, Georgia and Tennessee losing the most stores.

Sales at Fred's stores open at least a year fell 4.9% in the first nine months of 2018, compared with a year earlier.

The Mississippi stores closing are:

• Aberdeen: 107 N Meridian St
• Brookhaven: 218 S Whitworth Ave
• Byram: 7261 S Siwell Rd
• Cleveland: 306 E Sunflower Rd
• Goldwater: 520 Central Ave
• Columbia: Hwy 13 Northgate S/C
• Columbus: 304 5th St S
• Columbus: 201 G Alabama St
• Florence: 2932 Highway 49 S
• Forest: 237 Woodland Dr
• Gautier: 1693 Highway 90
• Greenville: 7616 Highway 80
• Greenville: 1600 S Colorado St
• Greenwood: 813 W Park Ave
• Hattiesburg: 1000 Broadway Dr
• Holly Springs: 148 W Van Dorn Ave
• Horn Lake: 3031 Goodman Rd W
• Jackson: 225 Meadowbrook Rd
• Jackson: 540 Raymond Rd
• Leland: 302 North Main St.
• Magee: 1700 Simpson Hwy
• Meridian: 626 22nd Ave S
• Ocean Springs: 3176 Bienville Blvd
• Pascagoula: 2511 Ingalls Ave
• Pearl: 235 George Wallace Dr
• Philadelphia: 714 Pecan Ave
• Terry: 422 W Cunningham Ave
• Tupelo: 809 Varsity Dr
• Tupelo: 1776 McCullough Blvd
• West Point: 26591 E Main St
• Yazoo City: 1200 Jerry Clower Blvd